If inputs into production cannot be substituted for each other but have to be employed in fixed proportions isoquants are straight, downward-sloping lines
Indicate whether the statement is true or false
False. Isoquants are straight lines when inputs are perfect substitutes. When input relations are fixed they are right angles.
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Which of the following does the United States import?
a. cotton b. wheat c. oil seeds d. zinc e. barley
Which of the following is considered per se illegal under the U.S. antitrust law?
a. An agreement to fix prices of commodities. b. An agreement to maintain certain technical standards. c. An agreement to operate only in specific regions. d. An agreement to follow identical production technique.
Which of the following is an aim of a price-fixing agreement?
a. Reducing entry barriers b. Increasing profit c. Reducing price d. Increasing demand
By providing free garbage removal, a community
A. discourages activities that produce detrimental externalities. B. disincentivizes citizens from recycling. C. leads citizens to throw out less garbage than is socially optimal. D. raises the opportunity cost of recycling.